The US-based business was founded in 1940 as a deliverer of money orders. As its brand name expanded in the 80’s and 90’s, the problem of remittances became a real concern for the global economy, and there were very few competitors in the field (the biggest competitor that comes to mind is Western Union). Back in those pre-internet days, you had to have a local presence to handle anyone’s money, and Moneygram has managed to pull off that task successfully. Today, Moneygram has one of the most extensive global reach in the industry (together with WU), boasting 347,000 agents across the globe.
Almost any financial regulator across the globe, including the American SEC and the British FCA.
Moneygram are one of the biggest, strongest, and most resilient companies in the money transfer space, for good or worse. It has a fascinating history filled with glorious achievements alongside crashes and falls.
There are thousands of Moneygram reviews across the web, and there are dozens of comments left by our visitors.
We focused on the largest and most recognisable user review platforms, and discovered client reviews as follows: 580 on Consumer Affairs, 195 on TrustPilot, 71 on Yelp [True for Jan 18, 2018].
The ratings were as follows:
Consumer Affairs – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.
TrustPilot – 0.5 Stars out of 5 Stars available. The lowest rating that can be achieved on this platform. 91% rated it “Bad” and 4% rated it “Poor”.
Yelp – 1 Star out of 5 Stars available. The lowest rating that can be achieved on the platform.
In total, when aggregating all the client reviews altogether, it appears like most clients who left their review online were extremely dissatisfied with their experience.
As there are hundreds of negative client reviews on the platforms that we have checked, there was negative feedback about many aspects, including:
Quality of service
Cost of transfer
Responsiveness of company / agent
Safety and Security
.. and many more…
Based on the research we have conducted, most Moneygram clients or at least the ones that have bothered to write an online review, are dissatisfied. The situation is similar with Western Union, the only company which is really comparable to Moneygram.
Some of the angst directed at Moneygram may be unjust. Perpetrators are using Moneygram’s service for money transfer scams but there is little the company can do on that regard. Additionally, some clients may have unrealistic expectations.
Since there were so many negative reviews collected, it is reasonable to believe that Moneygram could further improve the quality of service and rates.
We can say Moneygram shows good ethics by presenting a cost calculator on their website. It makes figuring out the exact costs easier than with other companies. The only companies on the market showing that type of feature at the moment are Transferwise, Currencyfair, Azimo and World Remit (from the ones we have reviewed to this point).
Fees & Exchange rates:
We have tested some of the most common currency exchanges on our website. Pound to Dollar, Euro, and AED. When transferring 1,000 Pounds from the UK the fees and exchange rate markup make up 5% or 10% of the transfer (in comparison to an industry average of approximately 1% for bank transfers, and under 2.5% for most destinations with cash transfers).
If you check for remittances countries like Romania, the World Bank claims Moneygram is as x6 time more expensive than Transferwise and x4 times more expensive than Azimo (Which provide the same bank to cash and cash to cash services, respectively).
Users may send up to $2,500 daily, using Moneygram’s online service. $9,999 is the limit for agent office transfers. $899 is the daily limit for Moneygram mobile app transfers.
These are the limitations for private clients, but we presume there are no limitations for its corporate clients.
If your aim is to save money, you should shop around and check alternatives, if they are available in your area. Moneygram has a lot more global reach than some of these relatively smaller competitors, so there might not be any cheaper alternatives; but based on the sampling we have conducted, there would cheaper alternatives when moving money from the UK, USA, the EU and Australia for most destinations.
Global Reach & Service
Dedicated Dealer: Moneygram does not offer dedicated dealers for private clients. The company’s business is remittances rather than small businesses or wealthy expatriates.
Offices: There are hundreds of thousands of agents spread across the globe.
Ways to approach: Online, via email, telephone or get to a branch/agent.
Translations: Yes, Mongeygram.com is translated to a multitude of languages.
Accepts clients: Worldwide.
Currencies Handled: 58 online, possibly more available on specific branches or with specific agents.
Client reviews: The reviews we have collected are generally very negative.
Moneygram is one of the most international companies out there. They have built a network of agents over 8 decades and have far more banking relations and understanding of the money transfer business than any of the newcomers.
The firm’s website is translated to multiple languages, and clients are accepted worldwide in the truest sense of the word, as many of their competitors claim to be global but have nowhere near this sort of reach.
As many of our readers are moving substantial amounts of money each month it should be noted that Moneygram is a remittances service. Its greatest advantages like accepting cash transfers and moving them, in cash, to locations like Africa, South Asia and Eastern Europe, are not applicable for readers who seek to move a hefty salary abroad or make a large purchase.
Moneygram has a Corporate website which enables small, medium and large businesses to conduct their foreign exchange affairs there. It is stated on the website that corporate clients can have access to spot contracts, forward contracts, limit orders and other hedging tools.
Moneygram has mobile apps for iPhone and Android devices. These applications provide all the functions of the website to mobile users. These apps are rated 3.7 / 5 on the Google store and 1.7 / 5 on the Apple Store [True for Jan 19, 2018].
Moneygram Review: Bottom Line
Moneygram has serious advantages in the form of very wide global reach and 80 years of reputation. The website is seamless to use, the rates and fees are clear and transparent and you can transfer money by debit card, bank transfer of in cash (through a branch).
On the downside, Moneygram’s online fees are worse than competitors, and you can send only up to $2,500 a day. As a whole the company is not suitable for a large majority of our audience which is looking for larger sum transfers (like salary, mortgage payments or property purchase abroad).
We have left Moneygram’s rating as Pending simply because it is difficult to compare it quid pro quo with a lot of the other companies reviewed on this website.
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